“With this funding, Secret Network and its partners aim to scale privacy-first, decentralized applications to global adoption by millions of users,” said Tor Bair, the founder of the key Foundation.
Secret Network is providing $400 million in funding to grow its privacy-oriented ecosystem and expand user adoption.
Secret Network may be a decentralized ecosystem that utilizes trustworthy execution environments to change personal, secure computation over encrypted information. The scheme has four components: Secret Tokens, Secret Bridges, Secret Finance and Secret NFTs.
According to a January. 19 announcement, the privacy-oriented platform is providing a $225 million ecosystem fund and a $175 million accelerator fund with support from 25 existing investors and partners, including BlockTower Capital, Arrington Capital, Fenbushi Capital, Outlier, Spartan cluster, and thought.
The founder of Secret Foundation Tor Bair told Cointelegraph the funding would any the network’s aim to "scale privacy-first, decentralized applications to world adoption by various users," as he stressed the importance of Web3 technology:
“Privacy technologies are essential to ensure that Web 3.0 will be empowering and open, rather than an extension of the failures of Web 2.0.”
The scheme fund are accustomed expand the project’s application layer, network infrastructure, and tooling. The accelerator pool can offer non-dilutive capital, grants and incentives via its native token SCRT to quickly expand user adoption.
Secret Network additionally revealed that various top-tier investment companies recently acquired SCRT positions and joined the scheme as critical stakeholders, as well as Alameda analysis, DeFiance Capital, CoinFund, and HashKey.
The scheme funding could be a a part of the Shockwave initiative, a vision for Secret Network’s international growth, that was declared on January. 12. Shockwave aims to cement the ecosystem’s standing as a privacy hub for web 3.0.
( Surajdeep Singh, Cointelegraph, 2022)